New Stock News | Bell Furniture plans Hong Kong IPO; the China Securities Regulatory Commission requires additional clarification on whether there are any affiliations among shareholders holding less than 5%.

On September 4, the China Securities Regulatory Commission (CSRC) issued the "Supplementary Material Requirements for Offshore Issuance and Listing Filing (August 31, 2026 - September 4, 2026)." The international department of the CSRC provided supplementary material requirements for five enterprises. Among them, Bell Home was required to provide further clarification on whether there are any related-party relationships among shareholders holding less than 5%, the specific pricing basis and reasoning for the new shareholders' investment within the last 12 months, and other related matters. According to a disclosure from the Hong Kong Stock Exchange on May 29, Jiangsu Bell Home Technology Co., Ltd. submitted a listing application to the main board of the Hong Kong Stock Exchange, with DBS Group acting as its exclusive sponsor. The CSRC requested that Bell Home provide supplementary explanations on the following matters, and for lawyers to conduct verification and issue clear legal opinions: 1. Please clarify whether there are related-party relationships among shareholders holding less than 5%. If so, should their shareholding proportions be consolidated? Furthermore, any shareholders exceeding 5% should be subject to a "piercing" investigation as per the standards applicable to shareholders exceeding 5%. 2. Please specify the specific pricing basis and reasoning for the new shareholder investments made within the last 12 months. Is the pricing fair, and is there any indication of benefit transfer? Please provide a definitive conclusion. 3. Please outline the composition and employment status of your company's equity incentive personnel. Do these participants have any related-party relationships with other shareholders, directors, supervisors, and senior management of your company? Are there any individuals who are expressly prohibited from participating in corporate equity incentives according to laws, administrative regulations, or national provisions? Additionally, please clarify the fairness of the investment price, the terms of the agreements, the decision-making procedures followed, and the compliance with operational norms, and provide a clear conclusion regarding the legality and compliance, as well as the existence of any benefit transfers. 4. Please explain the complete and specific content of the special shareholder rights arrangements, the specific circumstances of termination clauses, and the decision-making procedures for their execution. Did all shareholders reach a consensus? Are there any disputes, and do they constitute substantial obstacles to this offshore issuance and listing? 5. Please clarify: (1) Your companys qualifications for relevant business operations; in conjunction with the "Special Management Measures for Foreign Investment Entry (Negative List) (2024 Edition)," state whether your company and its subsidiaries' business scope involves any restrictions or prohibited areas under the foreign investment entry negative list, and whether you continue to comply with foreign investment entry policy requirements before and after this issuance and listing, including "full circulation." (2) Provide specific details related to your company and its subsidiaries' business scope, which includes real estate brokerage, property management, etc. Are related businesses actively conducted, and what are the specific operational circumstances? 6. (1) Please provide a tabular overview of the main businesses of each domestic operating entity and their specific roles in the overall business layout, along with the qualifications obtained for relevant businesses. (2) In simple and understandable language, please explain the business model and core competitiveness based on key products or services, major clients and suppliers, industry position, and comparable companies in the same industry. 7. Please provide supplementary details on the offshore investments and foreign exchange management regulatory procedures involving your companys overseas subsidiaries, and issue conclusions regarding compliance. 8. Please clarify whether the shares held by the shareholders intending to participate in "full circulation" are subject to any pledges, freezes, or other rights defects. 9. Regarding the use of raised funds, please describe the specific projects related to brand promotion and the construction of the global marketing center, including the countries or regions involved. Are these investments overseas, and do they comply with relevant regulations and basis for offshore investment? Additionally, detail the completion of relevant approval, authorization, or filing procedures, and if such procedures encouraged a commitment to repatriate all raised funds back to the domestic market. The prospectus shows that Bell Home is a leading provider of flooring products in China, offering sustainable, safe, and health-value flooring products, along with technology and aesthetic value to consumers worldwide. The company offers a wide range of PVC and wooden flooring product combinations for various end-use applications, including residential, commercial, integrated, or specialized uses. According to data from Frost & Sullivan, based on PVC flooring product sales in North America by 2025, Bell Home ranks first among PVC flooring providers in China. Additionally, according to the expected export volume to North America and Europe by 2025, the company ranks first among SPC flooring providers in China. By anticipated export volume in 2025, the company is also ranked first among laminate flooring providers in China.